The Canadian Real Estate Association (CREA) says the uncertainty around U.S. President Donald Trump’s tariffs caused housing prices and demand to plummet across Canada in March.
Home sales fell 9.3 per cent in March compared to same time a year prior, according to CREA. Compared with last month, the country recorded a decrease of 4.8 per cent in home sales.
Dan Gemus, broker and owner of The Dan Gemus Real Estate Team, told AM800's Mornings with Mike and Meg that demand in Windsor-Essex fell following Trump's inauguration.
"We saw the month of January and February really slow down," Gemus said. "Listings were up, and they continue to be up, which is great news for someone looking to buy, but the sales were down quite drastically, they were down over 22 per cent last month."
Gemus says while homes aren't selling at the pace as seen in years prior, sales are still happening.
"Especially those under $500,000, $600,000, they're moving quite briskly still, and we're still seeing those higher moving as well, just not as quickly," he said. "We're going back to the days of a home being on the market for a longer period of time."
Last month, housing prices in Windsor-Essex increased 2.94 per cent to $583,182, compared to March 2024.
Gemus says economists were estimating that the average price would be up three to four per cent by the end of 2025.
"I tend to think that once the year wraps up, we're going to be more so on the even basis for the year," Gemus said. "I don't think our prices are going to go up that drastically for the rest of the year, depending on what's happening with the tariffs, in the weeks and months ahead, but I don't see our prices coming down unfortunately."
The national average home price was $678,331 in March 2025, down 3.7 per cent from March 2024.